Professional traders are plunging into options bets on daily moves in US equities, activity that some experts believe has contributed to recent wild swings in stock markets.
Record numbers of so-called zero-day options that track the S&P 500 stock index are changing hands — with volumes of about 1.5mn a day in November — more than double the levels in January and almost four times those at the start of 2020, according to OptionMetrics.
Options provide the right to buy or sell assets at a fixed price by a given date. Zero-day options provide this right for the shortest possible period, expiring the same day they are purchased.
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